Monthly Performance Update

25th November 2014 Pantheon International Participations PLC Performance update at 31st October 2014 Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31st October 2014 of 1,485.4p, an increase of 14.8p (1.0%) from the NAV per share as at 30th September 2014. The increase was driven by foreign exchange gains (15.7p, 1.1%), investment income (1.0p, 0.1%) and share buybacks (0.7p). Expenses and taxes* (-1.8p, -0.1%) and valuation losses (-0.8p, -0.1%) reduced the NAV per share. PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation at 31st October 2014, the majority of reported valuations (accounting for circa 96% by value) are dated 30th June 2014 or later. At 31st October 2014, PIP's private equity assets stood at £869m, whilst cash balances were £109m. Undrawn commitments to investments stood at £228m at 31st October 2014, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$82m facility and a €57m facility, remained completely undrawn. PIP's portfolio generated net cash of £14.2m during the month, with distributions of £16.2m relative to £2.0m of calls from existing commitments to private equity funds. Investments completed during the month include a £7.4m primary commitment in European buyout fund, Herkules Capital IV, and a £5.6m primary commitment to Baring Asia Fund VI, a growth capital and buyout fund. PIP also made a £1.4m secondary investment in a Latin American buyout fund that was 63% funded. PIP acquired 25,000 ordinary shares for a total of £0.3m at a price of 1,190.0p per share (19% discount to NAV per share at 30 September 2014), and 100,000 redeemable shares for a total of £1.1m at a price of 1,097.0p per share (25% discount to NAV per share at 30 September 2014). * Withholding taxes on investment distributions. Monthly Report The October monthly newsletter can be accessed on PIP's website at in the Investor Relations section under the heading "Reports & Newsletters", or by following this link: Ends NOTES PIP PIP is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP ("Pantheon"), a leading global private equity fund investor, investing in both primary funds and secondary transactions, and from time to time capitalising further on its fund investment activities by acquiring direct holdings in unquoted companies, usually either where a vendor is seeking to sell a combined portfolio of fund interests and direct holdings or where there is a private equity manager, well known to Pantheon, investing on substantially the same terms. With investments in private equity funds, covering multiple private equity strategies ranging from investments in late stage buyouts to early stage technology, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers. Pantheon Pantheon is a leading global private equity fund investor that invests on behalf of over 400 institutional investors. Established over 30 years ago, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has £18.3 billion in AUM** (as at 31st March 2014), 195 employees, including over 70 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul and Bogotá. ** This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function. For more information please visit PIP's website at or contact: Andrew Lebus or Alexis Barling Pantheon 020 7484 6200 Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement. Pantheon International Participations PLC Telephone +44 (0) 20 7484 6200 Norfolk House Facsimile +44 (0)20 7484 6201 31 St. James's Square E-mail: London SW1Y 4JR Internet: Registered office: Beaufort House, 51 New North Road, Exeter, Devon EX4 4EP. Incorporated in England number: 2147984. An investment company under section 833 of the Companies Act 2006. Managed by Pantheon Ventures (UK) LLP.
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